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Following the Reserve Bank’s decision to increase the cash rate by 0.50%, People’s Choice will be increasing interest rates on its term investments and home loans.

The standard variable rate for both existing and new residential loans will lift 0.50% p.a. to 5.26% p.a., effective from 21 June 2022. 

In good news for savers, People’s Choice is lifting interest paid on term investments with increases of up to 1.35% p.a.

Today’s decision will see rates increase on all term investments from one month to five years (excluding eight months), effective from 17 June 2022.

Our one-year rate will lift by 1.35%p.a. to 2.35%p.a., with the two and three-year rates both increasing by 1.30% p.a. to 2.50% p.a. and 2.70% p.a. respectively.

“I’m pleased we have been able to pass on increases for our term deposits,” said Maria-Ann Camilleri, Chief Member Officer. “We’ve increased the rate of return for many investment terms, making them much more attractive.”

For additional information and support, please visit the home loan FAQs page on our website.

FAQs

More home loan FAQs

  • How will I be notified if my interest rate is changing?

    • If you make Principal and Interest repayments, you’ll receive a letter from us with your new rate and repayment information, providing you with at least 20 days' notice for you to make any changes.
    • If you make Interest Only repayments, you’ll receive a letter from us with your new rate.
    • If you have a Line of Credit account, you’ll receive a notification of the rate change on your next statement.

  • Can I switch to a fixed interest rate?

    If you want to speak to us about fixing your home loan interest rate, email us on fixmyhomeloan@peopleschoice.com.au with your name, member number and contact phone number and we’ll be in touch within 48 hours to talk through your options.

Help and support

If you need any support managing your home loan, we’re here to help.

If you're ahead with your loan repayments, you might be able to redraw against your loan. For terms and conditions that apply to redraws, please see our lending terms and conditions (PDF, 249 KB).

Members experiencing financial difficulty at any time can find information about the support we provide on our Financial Hardship Assistance page.

Please visit our Managing debt and financial hardship section for tips on  budgeting, planning and debt consolidation.

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